1)
Advise the product manufacturer as to how to increase total revenue for the product.
2)
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You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the
Income elasticity of demand
Identify the income elasticity of demand for the product (based on your own research) and explain what the elasticity coefficient reveals about the product.
Present your findings in a report that provides the following information:
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